Forest City Sells Shops At Northfield

Forest City Realty Trust has closed on the sale of its interest in The Shops at Northfield Stapleton, a 1.1M SF open-air regional mall.

The sale is the first completed transaction as part of a recently announced deal under which QIC will acquire Forest City’s ownership interest in a total of 10 regional malls in markets across the country. Sales of five additional malls to QIC are expected to close by the end of the year. The remaining four malls in the portfolio will be transferred to QIC under a fixed-price option.

"This closing is an important milestone for our company,” Forest City President and CEO David LaRue said. “It marks an acceleration of Forest City’s transformation as a focused, urban placemaker with a high-quality portfolio of multifamily, office and mixed-use assets in great markets.”

The overall transaction values the 10 regional malls at about $3.2B. Valuations for individual malls were not disclosed.

The five remaining malls expected to close by year-end are Westchester’s Ridge Hill in Yonkers, New York; The Shops at Wiregrass in Tampa, Florida; Mall at Robinson in Pittsburgh; Antelope Valley Mall in Palmdale, California; and South Bay Galleria in Redondo Beach, California.